MGT602 Assignment # 1 has been uploaded on VULMS,Its Due Date is 13 November, 2017

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GMT - 3 Hours MGT602 Assignment # 1 has been uploaded on VULMS,Its Due Date is 13 November, 2017

Post by Khan on Mon Nov 13, 2017 8:03 pm

Learning objectives:

 To make students familiarize with different types of start-ups.
Learning Outcome:
 Students will be able to enlist the attributes and characteristics of different types of startups.
 Students will be able to enlist specific requirements for different types of start-ups.

Background:

While taking a plunge into the business world an entrepreneur must opt one among the three
broad types of business startups. He or she can either have a Lifestyle Firm, Foundation
Company or a Gazelle (High Potential Firm). Different types of startups have their own unique
requirements and limitations. The selection of a startup and its categorization is based on the
attribution of resources and their potential implication.

Case:

Bilal is a passionate and vibrant 25 years old young lad with a moderate academic background
and good interpersonal skills. He is passionate about weight training and body building right
from his childhood. Currently, he is employed in a gym and working as a trainer. Although he
grabs a handsome salary from his job but he is not satisfied by his current status of being an
employee of a company. Accompanied with a brighter sense of business and risk taking-ability,
he wishes to start his own business. He has limited set of skills and attributes making his startup
selection decision more critical. He has arranged some finance for his startup so he is a bit ready
to do the business. He needs an expert opinion and guidance to flourish his entrepreneurial
journey with effective and efficient business management in the later stages of venture growth.

Requirement:

His business startup must be one among the above given three broader types i.e. Lifestyle Firm,
Foundation Company and Gazelle (High Potential Firm). As a student of entrepreneurship you
need to answer the following questions to help Bilal launch and run a successful business.
1. What type of startup suits him the most looking at his attributes and skill set? Mention the
startup type and business name separately. (2 Marks)
2. Write four logical reasons to justify your suggestion. (4*2=8 Marks)

Instructions:

1. Read the content given on Page No. 8 in lecture No. 3 of the handouts to grab the concept of
“Different types of business start-ups”
2. Write precise and to the point answer and avoid un-necessary details.
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GMT - 3 Hours Re: MGT602 Assignment # 1 has been uploaded on VULMS,Its Due Date is 13 November, 2017

Post by Khan on Mon Nov 13, 2017 8:05 pm

Solution
 
Q1.
 
I Suggest
 
Business Type: Life style firm
 
Business Name: Short Grid
Q2.
 
Time Freedom
 
Time Freedom is having the freedom to choose when to work or when not to work, without having to call in sick cough.
 
Financial Freedom
 
Financial Freedom is having an income level sufficient enough to support a desired lifestyle. Being able to pick up and go if you want.
 
Location Freedom
 
Location Freedom is having ability of being able to choose where to work. Mobile business is gaining momentum with internet technologies and global communication.
 
Or
 
A lifestyle business exists to fund and support your lifestyle. The business can be offline or online but the main difference is the focus is not on growth but sustaining the owner’s lifestyle.
 
Lifestyle businesses can be started with little to no money and in most cases, there are no other shareholders, leaving the owners to have more control in the operations of the business.
 
You can start them with little to no money and you can control costs easily.
Built to operate for many years
Generates a good income for those involved
 
Allows founders to pursue passions & interests No intentions to sell or exit.
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GMT - 3 Hours Re: MGT602 Assignment # 1 has been uploaded on VULMS,Its Due Date is 13 November, 2017

Post by Khan on Mon Nov 13, 2017 8:05 pm

Business Type:  Foundation Company 
 
Business Name: life line
According to my opinion it will Foundation Company because he has save some money . I believe he don't have any financial issue to support his family . 
He has good professional know of his work and he is ready to take the risk which mean not life style firm because it have very less risk involved. 
Any suggestion please advise.
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GMT - 3 Hours Re: MGT602 Assignment # 1 has been uploaded on VULMS,Its Due Date is 13 November, 2017

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